Senesco Announces $2.0 Million Equity Financing
Senesco Technologies, Inc. (“Senesco” or the “Company”) (NYSE AMEX: SNT) announced today that it has entered into a securities purchase agreement to raise approximately $2.0 million in gross proceeds through the sale of 7,692,308 shares of its common stock. The investors, excluding officers and directors of Senesco or funds affiliated with such officers or directors participating in the offering, will also receive 50% warrant coverage at an exercise price of $0.286 per share. The common stock and 50% warrant coverage (the “Unit”) was priced at $0.26 per Unit.
The offering is expected to close on or about January 11, 2012. The net proceeds of the financing will be used primarily for working capital, research and development and general corporate purposes.
“We are very pleased to have the participation of both new and existing investors to supplement our financial resources despite the current challenging economic climate,” said Leslie J. Browne, Ph.D., President and CEO of Senesco. “Progress in the clinical development of SNS01-T in multiple myeloma and positive results from our non-clinical evaluation of SNS01-T in other B-cell cancers, is delivering additional options that we believe is recognized as adding value for our investors.”
The shares and warrants are being offered pursuant to a prospectus forming a part of the Company’s effective registration statement (File No. 333-170140) filed with the Securities and Exchange Commission (the “SEC”), a copy of which may be obtained, when available, at the SEC’s website at http://www.sec.gov.This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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